The Day the American Dream Dies

It is not realistic, of course, to assume that all households would be required to shoulder an equal share of the "gap." According to the Census Bureau, for example, there are 28,966,842 American households where no one works at all. If you exempt these from paying a share of the gap, the other 83,411,135 households (where someone works) would need to pay $754,095 apiece.

If the GAO's rosier $33.7 trillion scenario played out, these 83.4 million working households would only pay $404,022 apiece.

Now, the class warriors reading this are probably thinking: Hey, wait a minute. Some of those 28,966,842 households where no one works are probably populated by "rich" people who sit around all day doing nothing. These "rich" people approach life, the class warrior has convinced himself, with the same indolence as welfare bums -- except they have a lot of money. They must be taxed more to help cover Uncle Sam's shortfall.

Or look at it still another way: The Census Bureau says there are 13,850,060 American households living below the poverty line. Exempt these poor people, and the 98,527,917 non-poor households would need to pay $638,397 apiece to cover a $62.9 trillion federal shortfall or $342,035 apiece to cover a $33.7 trillion shortfall.

In other words, every American household that wasn't poor would need to hand over to the federal government enough cash to buy a very nice home.

Unless we start rolling back the welfare state now, a horrendous fiscal crisis is coming. When it arrives, politicians who have sustained themselves in power by sustaining the welfare state will be looking for vast new sums of money to tax away from Americans so they can pay off their voting base and stay in power.

The accumulated wealth of Americans who have worked hard and saved their entire lives to build businesses, pay off mortgages and grow personal retirement funds will be targeted by these politicians.

If these politicians win -- if they succeed in creating a society where those who work and sacrifice and save their entire lives can see the fruits of their labors confiscated to pay government benefits to someone else -- that will be the day the American Dream dies.